REPORT VITALS AND FEATURES
This report is a comprehensive study on key account management teams. It examines ways that companies have adjusted to key account management, a growing trend among life science companies. This new team helps to meet the needs of an increasingly diverse customer base. We We take an in depth look at how companies define key accounts and account management responsibilities, benchmark KAM staffing, budgets and activities along with how to find the right candidates to fill emerging KAM roles, and compensate top-performing KAMs.
- 5 chapters + an Executive Summary
- 500+ metrics
- 200+ graphics
Data have been split by team region:
- United States
- Rest of World
Data have also been split by company size:
- Top 10
- Top 50
KAM team focus:
Top Reasons to Buy This Pharma Key Account Management Report
Apply a Strategic Approach to Major Accounts: KAM teams should be equipped with detailed product — and sometimes pipeline — information to meet with a range of stakeholders at different types of accounts. They should also work closely with internal groups to organize an effective and successful response to the account’s needs. The report’s metrics highlight the frequency of key account visits and communications, as well the segmenting process for targets at both payer and hospital systems. Further data demonstrate the amount of time that pharmaceutical key account managers dedicate to specific account management tasks, as well as their levels of interaction and coordination with other internal functions. Finally, the report details pharma key account management teams’ usage of customer relationship management (CRM) software, as well as teams’ key performance indicators and success metrics.
Shift Commercial Strategies to Align with Customer-Centric Account Management: Not all companies require pharmaceutical key account managers to drive commercial success. And many companies have implemented KAM teams without truly differentiating them from traditional field sales representatives. This lack of definition can hinder a KAM’s capabilities and lead to confusion in working with accounts and with other field forces. This study provides benchmarks and best practices from more than 20 pharmaceutical and biotechnology companies for developing KAM teams and aligning them with customer-centric strategies.
Recruit and Retain Top Talent to Maintain Key Stakeholder Relationships: Because key account management is a new role in the industry, companies often cannot recruit experienced pharmaceutical KAMs to fill their teams. Instead, they look to top-performing sales representatives and other field forces to fill these positions. Data in this report examine preferred professional backgrounds for new KAM managers, as well as the prevalence of specific experience among key account management staff. Further data examine the format and duration of pharma key account management training for both new hire and veteran KAM staff. Finally, data show surveyed companies’ average KAM compensation — both annual salary and potential bonuses — across all levels of employee experience.
You may also be interested in CEIConnect: The Lifesciences Industry’s On-Demand Research Resource
Excerpt from Pharmaceutical Key Account Management
Key account management is a relatively new concept in the pharmaceutical industry. Many companies have only begun implementing these KAM teams in the past five years. As such, firms are not afforded a wide array of experienced candidates. Instead, hiring managers must be able to recognize translational skills in candidates. These key skills include the capacity to understand big-picture commercial strategy and the ability to recognize client needs and translate them to profitable opportunities. Often, pharmaceutical companies look for experienced field reps — either sales reps, medical science liaisons (MSLs), health outcomes liaisons (HOLs) or managed care liaisons (MCLs) — to fill these positions.
Surveyed pharmaceutical firms were asked to rate specific professional backgrounds for KAMs by preference, shown in Figure E.1. For these data, a rating of 1 is the most preferred background and 7 is the least preferred. The majority of surveyed companies rank candidates with sales rep backgrounds as the best-fit for key account manager roles. Middle East- and Africa-based groups unanimously rank sales rep the most preferred background, at an average 1 out of 7. EU-based groups rank sales reps 1.20 out of 7. Surveyed US and Latin American groups also rank sales reps the best-fit background, at an average 2.17 and 2.67, respectively. Compared to EU and EMEA groups surveyed, US and Latin American teams prefer more variety among their candidates.